Kimelman & Baird LLC Sells 1,963 Shares of Owens Corning (NYSE:OC)

Kimelman & Baird LLC reduced its holdings in shares of Owens Corning (NYSE:OC) by 0.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 205,096 shares of the construction company’s stock after selling 1,963 shares during the period. Owens Corning comprises 2.9% of Kimelman & Baird LLC’s portfolio, making the stock its 13th biggest position. Kimelman & Baird LLC owned about 0.24% of Owens Corning worth $36,204,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of OC. World Investment Advisors LLC purchased a new stake in shares of Owens Corning in the third quarter valued at approximately $23,002,000. XTX Topco Ltd boosted its stake in shares of Owens Corning by 61.1% during the third quarter. XTX Topco Ltd now owns 9,851 shares of the construction company’s stock valued at $1,739,000 after purchasing an additional 3,736 shares in the last quarter. iSAM Funds UK Ltd purchased a new position in Owens Corning during the third quarter valued at approximately $862,000. National Bank of Canada FI raised its stake in Owens Corning by 0.7% in the third quarter. National Bank of Canada FI now owns 25,130 shares of the construction company’s stock worth $4,436,000 after buying an additional 180 shares in the last quarter. Finally, EP Wealth Advisors LLC purchased a new stake in Owens Corning during the third quarter worth $425,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analyst Upgrades and Downgrades

OC has been the topic of several analyst reports. Evercore ISI lifted their target price on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Wells Fargo & Company lifted their price objective on shares of Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. UBS Group increased their target price on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Royal Bank of Canada lifted their price target on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Owens Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $192.62.

Insider Activity at Owens Corning

In related news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the sale, the insider now directly owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. This represents a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.89% of the stock is currently owned by insiders.

Owens Corning Stock Performance

Shares of OC opened at $201.91 on Friday. The stock has a 50-day moving average of $189.08 and a two-hundred day moving average of $177.35. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The stock has a market cap of $17.32 billion, a P/E ratio of 17.18, a P/E/G ratio of 2.27 and a beta of 1.42. Owens Corning has a one year low of $138.26 and a one year high of $214.53.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same quarter in the prior year, the firm earned $4.15 earnings per share. Owens Corning’s revenue for the quarter was up 22.9% on a year-over-year basis. As a group, research analysts predict that Owens Corning will post 15.46 EPS for the current year.

Owens Corning Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Monday, January 6th will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 1.37%. The ex-dividend date is Monday, January 6th. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. Owens Corning’s dividend payout ratio (DPR) is 20.43%.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.